A bipartisan bill co-sponsored by U.S. Rep. Peter Roskam (R-IL) on Thursday would require universities that receive federal funds to provide tuition price models to help students plan for expenses.
Roskam and U.S. Rep. Matt Cartwright (D-PA) co-sponsored the Truth-in-Tuition Act, H.R. 4462, in an effort to help students and their families make more informed financial plans for educational costs.
“As parents, we want our children to have every opportunity to succeed,” Roskam said. “For many, a college education is key to social mobility and individual prosperity. Staggering and often unpredictable tuition costs make it extremely difficult for the average family to send kids to college. Taking the mystery out of the cost of higher education is a critical first step. Colleges and universities that rely on federal dollars owe it to students and families to provide truth in tuition.”
The Truth-in-Tuition Act would require all public and private universities that receive federal funds to provide four-year price models to eliminate the unpredictability of tuition increases.
“Without having the full picture of college costs, students and their families are forced to take on more student loan debt than they originally anticipated,” Cartwright said. “The total outstanding student loan debt in the United States has surpassed the $1.2 trillion mark. It has outpaced credit card debt, auto debt and is second only to mortgage debt.”
The Truth-in-Tuition Act is modeled after an Illinois law that then-State Senator Roskam supported in 2003.